Lexus Pursuits Visa Card - Any knowledge?

[Watchmann]

I got a Lexus Visa Signature card in August 2008.  They pulled Experian in my case, and not TU.  FICO score at the time was about 790 and average age of accounts was 11 years with the oldest account at over 28 years.  I applied online and was given the '10 day' notice, but a week or so later the card and documents arrived in the mail with CL of $20,200.  Have used it extensively since then with no problems whatsoever.  If you already have a loan through Toyota/Lexus it won't hurt your chances. 

[ngerasimatos]

I think I am going to wait about 90 days or so before applying. I want to give some time between all of the inqs I currently have on my credit. I dont want to freak them out and I really want this card. The rewards are nice and the perks that come along with it are fantastic. 

[Anonymous]

Who they pull varies. Pulled Experian for me. Had a 743 FAKO at the time. Applied online and got a call the next day. Approved for $6900 (high CL at the time was $1900) on the phone and had the card overnighted so I could put part of my downpayment on it, which worked out to $250 in Lexus service. Great card to use at the Lexus dealer, and looks pretty sweet, too.

The card is a joint venture between US Bank and Lexus, although they'll never tell you that.

[ngerasimatos]

Shane,

Any idea of what your actual FICO was? I noticed you said you used the card for part of your down payment. Maybe they gave you the FICO at that time? 

[Watchmann]

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@Anonymous wrote:

The card is a joint venture between US Bank and Lexus, although they'll never tell you that.

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No longer true since 2004, although US Bank may still manage the billing and all the back office functions.  But you are dealing with TMCC (Toyota Motor Credit Corporation) in your dealings with them and not US Bank.   Some info I found -->: "Toyota Financial Services is the finance and insurance umbrella for Japan automaking giant Toyota Motor Corporation. Through Toyota Motor Credit Corporation, it offers financing and leasing options to Toyota, Lexus, and Scion buyers. Toyota Motor Insurance Services offers credit insurance, extended service contracts, and other vehicle protection plans. Toyota Financial Services also provides wholesale financing to Toyota and Lexus dealers, as well as to Toyota's industrial equipment and marine sports dealers. The company has branched out into other operations including consumer credit cards and banking services for dealers. It operates more than 30 countries around the world."

[Anonymous]

Since it was Experian, no idea. The dealer did pull Experian, but I didn't ask. The other two were close to 800, though.

[ngerasimatos]

Impressive

[Anonymous]

What was the CB they pulled? and Scores?

[Anonymous]

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@Watchmann wrote:

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@Anonymous wrote:

The card is a joint venture between US Bank and Lexus, although they'll never tell you that.

---

No longer true since 2004, although US Bank may still manage the billing and all the back office functions.  But you are dealing with TMCC (Toyota Motor Credit Corporation) in your dealings with them and not US Bank.   Some info I found -->: "Toyota Financial Services is the finance and insurance umbrella for Japan automaking giant Toyota Motor Corporation. Through Toyota Motor Credit Corporation, it offers financing and leasing options to Toyota, Lexus, and Scion buyers. Toyota Motor Insurance Services offers credit insurance, extended service contracts, and other vehicle protection plans. Toyota Financial Services also provides wholesale financing to Toyota and Lexus dealers, as well as to Toyota's industrial equipment and marine sports dealers. The company has branched out into other operations including consumer credit cards and banking services for dealers. It operates more than 30 countries around the world."

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Lexus Pursuits was introduced after 2004, but to what extent each of the two companies is involved in the product is anybody's guess.

[ngerasimatos]

So, after thinking long and hard I decided to app for this card. Denied. No reason given initially Called and spoke with a CSR who looked at the app, she told me to call Monday and ask for a manual review and recon since she said my scores look good, however I have a single 60 day late item showing from early 2009 that she thinks mayhave triggered the denial. *sigh*